Supercar salesman Tom Hartley warns prices of luxury cars are set to tumble

  • Car dealer Tom Hartley says Russian invasion of Ukraine has caused inquiries to halve
  • Hartley warns strong supercar prices won’t last for much longer
  • He says he is already selling a 250-mile Ferrari SF90 for £70k less than list price
  • Watch our exclusive video interview with Hartley above

Time 7:00 am, March 14, 2022

Supercar salesman Tom Hartley says sales have slowed since the Russian invasion of Ukraine.

In an exclusive Car Dealer Live interview, which you can watch above, Hartley says the devastating invasion of Ukraine has caused business to drop 50 per cent.

Hartley – who won the Lifetime Achievement Award at last year’s Used Car Awards – said that while supercar prices might be strong now, he predicts a drop is on the horizon.

‘I’m so hands-on in the business here that the minute this guy Putin started dropping bombs, [I noticed] the level of inquiries went down by about 50 per cent,’ he said.

Hartley – who currently has a LaFerrari up for £2.395m, and two Bugattis in his showroom in Derbyshire – said that business has been ‘very good’ and prices of super-luxury cars was ‘very strong’.

‘I’ve never in all my life of being in business known the market the way it is.

‘We’re giving the same money for cars that we sold almost 18 months ago to customers to buy them back.

‘However, in advance, I am predicting that like everything – I’ve seen four recessions in my lifetime – I am predicting that it will change, it will move. 

‘Interest rates will go up and this guy dropping bombs all over the place is not helping.’

Hartley revealed he was in the process of setting up a base in Knightsbridge and will soon be based there half of the week.

Ferrari down

In a move that will, he says, upset Ferrari dealers, Hartley explained he was currently selling a 250-mile Ferrari SF90 Assetto Fiorano for £70,000 LESS than list.

He said: ‘The SF90 is a perfect example. It’s a 250-mile SF90. Ferrari dealers won’t like me for this, but I am going to say it like it is – they have a list price of £530,000, because it’s got the racing pack on it, and today it’s got a £70,000 discount on it.

‘Why is it? Because my advice to you is those cars were made in limited numbers. And they will not always be £460,000 so it’s an opportunity. 

‘We don’t mind giving people a bargain as long as we’re making a profit, as that’s what The Dealmaker does. 

‘There’s an amber light flickering in the industry. It’s definitely slowed up.’

McLaren up

Other models have gained value, explained Hartley – especially the McLaren P1.

He said: ‘They’ve got very strong. Last time we spoke, they went from about £1.2m to around £850-900k in a very short space of time. 

‘Now they’re back and they’re rising.

‘To buy a P1 today for less than a million is very rare. And they’re going up.’

Hartley says the LaFerrari he has in stock is one of the ‘most-sought-after cars in the supercar league’.

‘We paid super-money for that car as we wanted it.

‘This car behind me [LaFerrari] has gone up £100,000 in six months. Retailing at £2.395m, 12 months ago I would have paid £2m for that car.’

Hartley says he pays for all his stock using ‘his own wealth’ but is mindful price falls are on the way.

‘It won’t be like this forever,’ he said. 

‘I don’t believe that when we’re talking back end of this year I’ll be saying what I am saying now – it will move. 

‘Interest rates will go up and they are going up, make no mistake about it, that will change the market based on all luxury goods.

‘Cars, supercars, houses, diamonds, art – that will change, and that will happen, that’s a fact.’

Hartley added that winning the Lifetime Achievement Used Car Award had ‘pushed him on again’ and he now gets up for work earlier.

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‘I’ve given the car business my life – you need to be dedicated and focused. To get to this level, you need to give it your life.’

You can watch the full interview at the top of this post, or find it on our YouTube channel here.

Main image: Tom Hartley

James Baggott's avatar

James is the founder and editor-in-chief of Car Dealer Magazine, and CEO of parent company Baize Group. James has been a motoring journalist for more than 20 years writing about cars and the car industry.

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